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Wire-grid Cobb–Douglas production surface with isoquants A two-input Cobb–Douglas production function with isoquants. In economics and econometrics, the Cobb–Douglas production function is a particular functional form of the production function, widely used to represent the technological relationship between the amounts of two or more inputs (particularly physical capital and labor) and ...
Vincenty's formulae. Vincenty's formulae are two related iterative methods used in geodesy to calculate the distance between two points on the surface of a spheroid, developed by Thaddeus Vincenty (1975a). They are based on the assumption that the figure of the Earth is an oblate spheroid, and hence are more accurate than methods that assume a ...
The curve of fastest descent is not a straight or polygonal line (blue) but a cycloid (red). In physics and mathematics, a brachistochrone curve (from Ancient Greek βράχιστος χρόνος (brákhistos khrónos) 'shortest time'), [ 1] or curve of fastest descent, is the one lying on the plane between a point A and a lower point B, where ...
Constant elasticity of substitution ( CES ), in economics, is a property of some production functions and utility functions. Several economists have featured in the topic and have contributed in the final finding of the constant. They include Tom McKenzie, John Hicks and Joan Robinson. The vital economic element of the measure is that it ...
Newton's method uses curvature information (i.e. the second derivative) to take a more direct route. In calculus, Newton's method (also called Newton–Raphson) is an iterative method for finding the roots of a differentiable function F, which are solutions to the equation F (x) = 0. As such, Newton's method can be applied to the derivative f ...
Iterative method. In computational mathematics, an iterative method is a mathematical procedure that uses an initial value to generate a sequence of improving approximate solutions for a class of problems, in which the i -th approximation (called an "iterate") is derived from the previous ones. A specific implementation with termination ...
An illustration of Newton's method. In numerical analysis, Newton's method, also known as the Newton–Raphson method, named after Isaac Newton and Joseph Raphson, is a root-finding algorithm which produces successively better approximations to the roots (or zeroes) of a real -valued function. The most basic version starts with a real-valued ...
Nonlinear programming. In mathematics, nonlinear programming ( NLP) is the process of solving an optimization problem where some of the constraints are not linear equalities or the objective function is not a linear function. An optimization problem is one of calculation of the extrema (maxima, minima or stationary points) of an objective ...